Wise, a UK-based payments technology firm, has gained regulatory approval from the Bank of Thailand and the Ministry of Commerce to operate in Thailand. This approval includes licenses for payments, electronic money, and foreign exchange services.
This certification places Wise among the first non-banks to hold such a diverse range of licenses within the country, enabling Thai citizens, businesses, and foreign residents to utilize a fully digital, multi-currency wallet for sending, receiving, and spending funds across multiple currencies through one application.
Prospective customers can now join a waiting list; the Wise account will be rolled out in stages. This move follows recent approvals to launch operations in the UAE and conditional approval in South Africa, bringing the company’s total regulatory licenses globally to over 75.
Market Context and Savings Potential
Thailand is an economically internationalized Southeast Asian nation with considerable cross-border financial flows driven by tourism, overseas education, trade, and a large diaspora population. According to World Bank data, Thailand received approximately USD 9.46 billion in inward remittances in 2024 while sending out about USD 8.03 billion from the country. Wise estimates that consumers could save over USD 1.04 billion annually on hidden fees by switching from traditional bank transfer services.
Wise functions using mid-market exchange rates with transparent pricing, offering a contrast to the rate mark-ups often imposed by banks for international transfers. In its financial year ending 2025, Wise reported saving over 15 million customers USD 2.6 billion in hidden fees globally.
Growth Trajectory in APAC
Asia Pacific constitutes more than 20% of Wise’s global revenue and is a region experiencing rapid growth for the company. In fiscal year 2025, revenues from Asia Pacific increased by 22% to GBP 263.8 million. Thailand’s regulatory environment, which requires separate licenses across payment services, electronic money, and foreign exchange, presents one of the most complex entry requirements in the region.
SK Saraogi, Wise’s APAC Head of Banking and Expansion, commented that the company is introducing a faster, more transparent solution to a cross-border payments market traditionally dominated by traditional banks. He also confirmed plans to continue expanding the company’s regulatory presence across the region.
